Europe/Asia/Emerging RE - Operations and Strategy
Hopson Development enters agreements
November 03, 2009 3:11 PM ET
By Tahir Saleem
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Hopson Development Holdings Ltd. said Nov. 2 that, through wholly owned subsidiary Hopeson Holdings Ltd., Hopson and its subsidiaries entered into a share transfer agreement dated Nov. 2 with Guangdong Hanjiang Construction Installation Project Ltd. Under the agreement, Guangdong Hanjiang Construction conditionally agreed to transfer and procure the transfer to Hopeson Holdings and/or its nominees the entire equity capital in Panyu Zhujiang Real Estate Ltd., and Hopson and its subsidiaries conditionally agreed to transfer and procure the transfer to Guangdong Hanjiang Construction of the entire issued share capital of Cheerocean Investments Ltd. Cheerocean Investments is an indirect wholly owned subsidiary of Hopson, while Panyu Zhujiang's equity capital is 99% owned by Guangdong Hanjiang Construction and the rest by Guangzhou City Panyu District Nan Cun Zhen Economic Development Holding Co. The balance payable by Hopson and its subsidiaries of 2.39 billion Chinese yuan will be settled by means of an issuance of an aggregate of up to 204,925,468 new Hopson shares to Chu Mang Yee, the chairman of Hopson's board. Pursuant to the agreement, subject to the maximum liability of 3.60 billion yuan, Chu agreed to guarantee the due and punctual performance by Guangdong Hanjiang Construction of its obligations in relation to a 653,358.5 square-meter land parcel and a 353,372-square-meter land parcel under the agreement. In addition, Hopson and its subsidiaries, through Hopeson Holdings, on Nov. 2 entered into a share transfer agreement with Jumbo Advance Investment Ltd. to dispose of 51% of the entire issued share capital in Nam Fong Guangzhou Plaza Ltd., a nonwholly owned subsidiary of Hopson, at a consideration of 254.9 million yuan. As of Nov. 2, 1 Chinese yuan was equivalent to 14.65 U.S. cents. | 
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